Investing in Your Future
Financial Aid and USC
A world-class education. A venture that extends beyond graduation. The opening of doors. Opportunities that will last a lifetime.
Four years of study… A lifetime of benefits
A college degree is an investment in your education and, more importantly, your future. It is also a significant financial investment, which might seem overwhelming at first. Yet despite the rising costs associated with higher education, obtaining your college degree may be more affordable than you think.
Although tuition at a top-tier university may be more than that of a state college or university, students at private universities typically receive more aid in the form of scholarships and grants—funds that do not need to be repaid upon graduation.
These students are also more likely to complete their degree objectives in four years. At USC, most students successfully complete a double major or major-minor combination within four years.
A college degree can play a key role in creating a stable life not only for yourself, but also for your family. A college education also means you can reap greater rewards and be fully prepared to contribute to society throughout your lifetime.
According to the U.S. Bureau of Labor Statistics:
• In 2023, the unemployment rate for those with bachelor’s or advanced degrees was significantly less than that for those with little or no college education.
• In 2023, those with a bachelor’s or advanced degree earned more than double than those with just a high school education.
The rewards of a college education don’t end at graduation. Imagine what you can accomplish in four years—and beyond.
• College graduates often enjoy greater job satisfaction, more stable career prospects and greater access to health insurance and benefits.
2023 Employment Projections, U.S. Bureau of Labor Statistics: www.bls.gov/ emp/chart-unemployment-earningseducation.htm
Many programs exist to help students and families pay for a college education.
Undergraduate financial aid includes grants, scholarships, loans and Federal Work-Study. The amounts and types of aid students receive can be based on financial need or provided without regard to need.
Need-based financial aid may come from the federal government, the state, or the institution. Some funds, such as grants, scholarships and Federal Work-Study, do not need to be repaid. Loans, however, do need to be repaid after graduation, meaning that students and families who choose to take out loans should plan accordingly.
Types of Aid
Family and Student Savings
Merit Scholarships No repayment
Employment and Federal WorkStudy
Need-Based Grants
Federal Direct Student Loans
Federal Direct Parent Loan
Private Loans
Earned wages; no repayment
No repayment
Must repay with interest; fixed rate
Credit-based; must repay with interest; fixed rate
Must repay with interest; variable rates based on borrower and/or co-borrower credit scores
529 Savings Plan, bank and/or investment accounts
Scholarships based on talent or academic achievement, without regard to need, from the university or other sources
Student receives wages as an employee for hours worked, up to a pre-determined total per year
Federal and state grants, USC University Grant
Direct Subsidized and Unsubsidized Loans
Direct Parent PLUS Loan
Various banks and lending institutions
Family and Student Savings
No matter how much federal, state and university financial aid you may qualify for, you will still need funds to pay for any expenses not covered by financial aid, and for any other personal expenses you may have, such as your phone bill.
Interest-bearing savings accounts are a good way to plan for and cover any out-of-pocket expenses you incur while you are in school. Keep in mind that parent savings and investments have a smaller impact than student assets on calculations of the total family contribution.
Good news if you have a 529 or Coverdell savings plan: Account holders are not required to pay federal income tax on the money they withdraw from these savings plans to pay for college expenses. (State income tax rules vary.)
Visit collegesavings.org for more information about 529 Savings Plans.
Private College 529 Plan
Several private institutions, including USC, now participate in the Private College 529 Plan, a prepaid tuition plan owned and operated by private colleges and universities. It is NOT a 529 savings plan sponsored by a state. The plan allows families to pay for future tuition at current rates. Assets can be used to pay for only undergraduate tuition and mandatory fees. Please visit collegewell.com/private-college529-plan or call 1-888-718-7878 for more information.
Grants
Federal Grants
Federal student aid may be awarded in the form of grants, which do not have to be repaid after graduation.
Federal grant programs include:
• The Federal Pell Grant. This federal grant program provides funds for students with exceptional financial need.
• The Federal Supplemental Educational Opportunity Grant (FSEOG). This federal program provides additional grant funding to students with exceptional financial need.
Please visit studentaid.gov for more information about these programs.
USC University Grant
Funded and awarded by USC, the University Grant is need-based, calculated after your available federal and state aid has been determined.
State Grants
Most of these programs are for state residents attending an instate college or university. They are typically used to pay tuition and fees but may also include a living stipend or allowance. A limited number of states have programs that enable residents to use a state grant at an out-of-state college. For more information, visit ed.gov/grants-andprograms
The state grant available for California residents is called the Cal Grant. To qualify, you need to:
• Demonstrate financial need, with income and assets below the state-established limits;
• Meet academic requirements (a grade point average of at least 2.0 or 3.0, depending on the type of grant); and
• Plan to be enrolled at least halftime.
Students who meet the criteria established by California Assembly Bill 540 (also known as the “California Dream Act”) may be eligible to receive a California Dream Grant. Visit csac.ca.gov for more information.
Funding Your College Education
Scholarships
Scholarships are typically awarded by universities and other organizations for outstanding academic achievement, special talents and other personal characteristics, without regard to an applicant’s financial need. They can be awarded to cover tuition and fees only, or they can cover living and other expenses as well. (Scholarship programs will typically stipulate what their awards can and cannot be used for.) They do not need to be repaid after the student graduates.
To
find more information about scholarships:
• Visit the websites of your university’s offices of admission and financial aid or academic departments.
• Visit online databases that offer free search services. (See page 29 for a list of databases.)
• Ask your college counselor and check the bulletin boards in the guidance office at your school.
• Check with your parents’ workplaces. Businesses often establish scholarships for children of employees.
Never pay for a scholarship search—all the information you need is available for free!
Sources for Scholarships
• University admission and financial aid offices or academic departments
• Community and civic groups (Elks Club, Kiwanis, etc.)
• Credit unions
• Clubs and membership organizations
• Fraternities and sororities
• Labor unions
• Cultural or ethnic organizations (Hispanic Scholarship Fund, National Urban League, National Italian American Foundation, etc.)
USC Merit Scholarships
USC administers several prestigious scholarship programs, ranging in value from a few thousand dollars up to full tuition.
Awarded by the USC Office of Undergraduate Admission, the USC Merit Scholarships listed on the right are based primarily on academic excellence, leadership, service and talent.
Visit admission.usc.edu/scholarships for more information and application deadlines.
Other Scholarships
On the right are just a few of the scholarships offered by USC organizations outside the Office of Admission. They may require a separate application. Please visit admission.usc.edu/ scholarships for details.
• Professional associations (National Society of Professional Engineers, National Student Nurses Association, etc.)
• Religious organizations (United Methodist Church, Knights of Columbus, etc.)
• ROTC (Air Force, Army, Marine Corps and Navy)
• Veterans’ associations (for children of current, retired or deceased military personnel)
• U.S. corporations
Trustee
Presidential
International Freshman Academic Deans
Leadership
USC Associates
Transfer
Asian Pacific Alumni Association
Black Alumni Association
Dr. Joseph Medicine Crow Native Leadership
Jewish Leadership
Latino Alumni Association
Norman Topping Student Aid Fund
Town and Gown of USC
USC Alumni Clubs
USC Lambda LGBTQ+ Alumni Association
Funding Your College Education
Employment
Many college students work part-time during the academic year and summers. Besides earning money to help pay for college expenses and personal needs, working part time is a great way to gain experience and build your résumé.
Campus Jobs
Numerous jobs are available on campus. Many will require you to have a work-study award, but others are open to students without work-study. You might be a campus tour guide, an office assistant or a computer or science lab assistant. Students can browse or search current job postings through the Career Center at careers. usc.edu. Jobs can also be found through the school’s newspaper, job boards or by word-of-mouth. We encourage USC students to attend the job fair held at the beginning of each semester as well.
Federal Work-Study
Federal Work-Study funds are allocated to students with financial need, as determined by a review of the financial aid application. The award amount represents the total wages a student may earn from onor off-campus employment under the Federal Work-Study program for that academic year.
Trojan Voices
“I have been able to enjoy an undergraduate expperience not many people of my background get to have—a world-class education.”
EZRA YU | MAJOR: BIOCHEMISTRY
Understanding and Managing Loans
Many students and families borrow money to assist in financing a college education. Loans are considered part of the family’s investment in a student’s education and become the student’s and/ or family’s responsibility to manage and repay once the student graduates.
Like credit cards, loans can be either a big help or a trap. They must be repaid with interest, and the lender or government may charge extra fees to obtain the loan. Be careful not to take on more debt than you will be able to repay. Your best strategy is to borrow no more than you absolutely need.
Your eligibility for loans can be based either on your financial need (need-based) or on your cost of attendance (non–need-based). When searching for loans, you should always start with those offered by the federal government, as their terms are usually the most favorable.
The Federal Direct Loan Program
All Direct and PLUS loans are offered through the Direct Loan Program. Funded by the U.S. Treasury and serviced by the U.S. Department of Education, Direct Loans offer borrowers a stable funding source shielded from changes in the national economy. The program also provides students and their families a single point of contact for the management of all Direct Loans.
Please visit studentaid.gov or financialaid.usc.edu/loans for more details about the program and its benefits.
Each May, the federal government sets the interest rate for Direct Loans that will be disbursed during the upcoming academic year.
Once set, the interest rate is fixed for the life of the loan. For more information about the current interest rates and fees for the Direct Loan Program, visit studentaid.gov.
Advantages of Direct Loans:
• Fixed interest rates.
• Subsidized loan programs: You may be eligible to borrow loans for which the federal government pays the interest while you are in school.
• No credit checks: Federal student loans for undergraduates are not based on the student’s credit history. (Additional loans available to the parents of undergraduate students do require a credit check.)
• Loan forgiveness and other repayment options: You may be able to take advantage of federal loan forgiveness programs or repayment plans to help manage your debt after graduation. (For more information, see pages 15-16.)
Loan Alert!
When you borrow a loan, be sure to fully understand:
• How much you will owe.
• When you must begin repayment.
• Your repayment options.
• The penalties for late payment and defaulting (failing to make payments).
Need–Based Federal Loans
Direct Subsidized Loan
• Based on financial need.
• For loans disbursed between October 1, 2020, and September 30, 2025, the loan fee is 1.057 percent.
• The federal government pays the interest on the loan while you are enrolled with at least half-time status.
• Payments and interest accrual begin six months after you graduate or drop below half-time status.
• Amount you can borrow depends on your class level (see box on the right).
• First-time borrowers in the Direct Loan Program must sign a promissory note, which is a binding legal document.
• Standard repayment term is 10 years.
Annual Subsidized Loan Limits
First-Year Students: $3,500
Sophomores: $4,500
Juniors or Seniors: $5,500
Maximum total student debt from Subsidized Loans: $23,000
Funding Your College Education
Non–Need-Based Federal Loans
Direct Unsubsidized Loans
• Available to borrowers who do not qualify for the Subsidized Loan, or to borrowers who do qualify but need additional funds. You can receive both loans at the same time.
• Interest rates and origination fees are the same as for Subsidized Loans.
• Interest begins accruing immediately and is added to the principal at repayment.
• Payments begin six months after you graduate or drop below half-time enrollment.
• First-time borrowers in the Direct Loan Program must sign a promissory note, which is a binding legal document.
• Standard repayment term is 10 years.
Annual Unsubsidized Loan Limits
All dependent borrowers: $2,000 For dependent undergraduates, the maximum total student debt from Subsidized and Unsubsidized Loans is $31,000.
However, the maximum is $57,500 if you are independent according to federal rules or standards, or if your parents are unable to borrow under the Direct PLUS Loan Program.
Direct Parent PLUS Loan for Undergraduate Students
• Unlike the previous loans, this one must be borrowed by a (biological or adoptive) parent or stepparent.
• Based on the borrower’s credit history—a credit check is required. (Bankruptcy, previous loan defaults or credit card delinquency can disqualify potential borrowers. Parents may apply with a co-signer or endorser.)
• Your parents may borrow any amount, up to the cost of attendance, less other financial aid and/or scholarships received.
• Your parents will be charged a loan origination fee of 4.228 percent (for loans disbursed between October 1, 2020, and October 1, 2025).
• Interest accrues from the day the loan is disbursed.
• Unlike other federal loans, repayment begins 60 days after full disbursement.
• Loan payments may be deferred while the student is enrolled at least half-time.
Federal Loan Repayment and Forgiveness Programs
The U.S. Department of Education offers several programs to help manage your student loan debt once you graduate.
Be sure to compare options and read all the disclosures. Some options may lower your monthly payments in the short term while increasing your costs over the long term. See the table on page 16 or visit studentaid. gov for more information.
These options are available only for federal student loans.
Direct Consolidation Loan Program
This program enables you to combine any or all of your eligible outstanding federal student loans into one new loan with one monthly payment. The new loan will have a fixed interest rate set at the weighted average of the interest rates of the underlying loans. It may have an extended repayment period of up to 30 years.
AmeriCorps/Teach for America
This network of local, state and national service programs offers full-time employment with public agencies, community organizations and other groups. Jobs include tutoring and mentoring disad-
vantaged youth, managing after-school programs, restoring parks, building affordable housing and improving health services.
Please visit americorps.gov for more information. Both programs may allow you to postpone payment and subsidize accruing interest.
Teacher Loan Forgiveness
Borrowers who teach full-time after graduation in a qualified lowincome elementary or secondary school for five years can have up to $5,000 of their outstanding federal student loans forgiven. The money will be paid to the loan service agent at the end of the student’s teaching service.
Students who are considered highly qualified teachers of math, science or special education may have up to $17,500 of their outstanding federal student loans forgiven.
Please visit studentaid.gov for more information.
Public Service Loan Forgiveness
Forgiveness may be an option for borrowers who are:
• Employed by any nonprofit, taxexempt 501(c)(3) organization; (Continued on next page.)
Funding Your College Education
• Employed full-time by the federal government, a state government, a local government, or a tribal government (including the military and public schools and colleges); or
• Serving in a full-time Ameri-Corps, Teach for America or Peace Corps position.
Remaining debt can be forgiven after 10 years of eligible employment and qualifying loan payments under the Pay-As-You-Earn (PAYE) plan.
Visit studentaid.gov for more information.
State Loan Forgiveness Programs
In addition to the federal government, states also run programs to support students preparing for specific professions, including teaching and health-related careers. For more information, check with your state’s board of education or similar agency.
Student Loan Interest Deduction
The interest you pay on a qualified student loan can reduce the amount of your income subject to federal taxes by up to $2,500, depending on your income. For more information on this and other tax benefits that may be available to you, refer to I.R.S. Publication 970, Tax Benefits for Education.
Federal Loan Repayment Plans: Pros and Cons
These cover just a few of the repayment options available. For more options and detailed information, please visit studentaid.gov/manage-loans/repayment/plans.
Standard Graduated Pay-AsYou-Earn (PAYE) Loan Consolidation
Fixed monthly payments with maximum term of 10 years.
Payments start low and gradually increase (but all payments must cover at least the interest due).
Payments are adjusted each year, based on your monthly gross income.
Your total payments will be less than with any other option.
Easier to afford when you are right out of college. Makes loan payments more affordable for low-income borrowers.
Amounts outstanding after 20 years may be forgiven.
At the start of your career, it can be difficult to afford the payments.
You pay more over the life of the loan.
Allows you to combine any or all of your federal loans into a single new loan. You can choose any of the above repayment plans.
The convenience of having just one payment. Lower monthly payments (by extending the payment term for more years).
May not benefit you if your income far exceeds 150 percent of poverty level and you have not borrowed large amounts.
If you extend repayments over more years by consolidating, the total cost of your loans will increase.
Private Loans
Prior to applying for private financing:
Students should exhaust all Federal Title IV assistance available, including Federal Pell Grants, Direct Loans, and the Direct Parent PLUS Loan. The repayment terms of federal loan programs may be more favorable than the terms of private loan programs.
Federal student loans are required by law to provide a range of flexible repayment options, including but not limited to Income-Based Repayment and Income-Contingent Repayment plans, as well as loan forgiveness benefits, which private student loans are not required to provide. Direct Loans are available to students regardless of income.
Also note: Private student loans may not be included in Direct Consolidation Loans, are not eligible for Federal Income-Based Repayment Plans and are not eligible for Federal Economic Hardship Deferments.
Unlike federal loans, some private loans have a variable interest rate with no rate cap, which means your monthly payments could increase significantly in years to come.
The interest rate you are quoted by the lender will depend primarily on your credit score.
Comparing Private Loan Offers
Shop around. Be sure to apply for a loan with more than one lender to ensure you receive the best possible rate. Look at interest rates and loan terms. Look for the lowest rate with the lowest cap.
Your Truth in Lending Act (TILA) Disclosure will include estimates of total interest charges. Compare the total cost of repayment with other loan offers.
Always apply with a creditworthy co-borrower to reduce your costs.
Keep in mind that you may not qualify for advertised interest rates. Always beware of the fine print regarding discounts, penalties, fees and capitalization.
Questions to Ask Lenders About Fees
• What actions (such as a late payment) will trigger a fee?
• How much are the fees?
• How is the fee calculated?
• Are fees “wrapped” into the loan? (If so, you will be paying interest on them, increasing their overall cost.)
• Will I be required to pay service charges once I enter repayment on the loan?
Carefully read all the information provided in the lender’s Truth in Lending Act (TILA) Loan Application and Solicitation Disclosures.
About USC
Founded in 1880, the University of Southern California has become one of the top private research universities in the country, comprising a liberal arts college and 17 professional schools.
USC offers world-class undergraduate programs in virtually every field of study, with an interdisciplinary approach that combines theory and practice. Actively engaged in research and professional work, USC’s distinguished faculty share the excitement of intellectual discovery with the students they teach.
USC is located in Los Angeles, a dynamic world center populated by more than 100 nationalities and home to industry leaders in aerospace, entertainment, finance, technology, pharmaceuticals and telecommunication. In addition to great weather and nearby beaches, the city boasts a youthful, entrepreneurial spirit and an economy that ranks 19th in the world.
All USC students gain the lifelong networking benefits of membership in the Trojan Family.
USC at a Glance
21,000 UNDERGRADUATE STUDENTS
26,000 GRADUATE STUDENTS
763 FIRST-YEAR MERIT SCHOLARSHIP RECIPIENTS (FALL 2023)
4,767 FULL-TIME FACULTY
9:1
STUDENT-TO-FACULTY RATIO
25 AVERAGE CLASS SIZE
6 PERFORMING ARTS VENUES
HUNDREDS STUDENT ORGANIZATIONS
50+ PERCENTAGE OF STUDENTS WHO VOLUNTEER
What We Look For
USC looks for consistently strong academic performance throughout high school. We are particularly interested in the type of courses you take and the trend of your junior- and senior-year grades. Your academic record is also evaluated within the context of your high school. Most firstyear students at USC are selected from the top 10 percent of their high school classes.
Varsity Teams
9 MEN’S
12 WOMEN’S
Student Diversity
50 STATES
130+ COUNTRIES
32% UNDER REPRESENTED MINORITY STUDENTS
How much financial aid does USC award?
At USC we work with families to meet a student’s full USC-determined financial need, subject to review of the student’s financial aid application and the family’s finances. Nearly two-thirds of USC undergraduate students receive financial aid, in the form of merit scholarships, needbased grants, Federal Work-Study and student loans.
USC’s Affordability Initiative
Newly admitted first-year students from U.S. families with an annual income of $80,000 or less (with typical assets) are able to attend USC tuition-free. This initiative boosts opportunities for students whose families earn too much to qualify for adequate aid but too little to afford a top-tier college education.
affordability.usc.edu
Need–Based Financial Aid: Basic Requirements
All applicants to USC can apply if they:
• Are a U.S. citizen, eligible noncitizen such as a permanent resident, refugee or asylee); or
• Are an undocumented student who meets California Dream Act requirements or has Deferred Action for Childhood Arrivals status;
• Possess a valid Social Security number (if required).
Although international students are not eligible to receive federal or USC need-based financial aid, they may be awarded merit scholarships and/or other departmental awards. Additionally, international students may apply for some private loans, typically with a qualified co-signer who is a U.S. citizen.
USC administers one of the largest financial aid programs of any private university in the country. However, the allocation of financial aid funds is restricted by federal and state regulations and university policy.
Cal Grants may be impacted by changes in the California state budget. Some programs such
as the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant are restricted to those students who demonstrate exceptional financial need. Undocumented students, including those who qualify for the California Dream Grant, may receive university aid but will not be eligible to receive federal financial aid (Pell Grant and Direct Loans).
To receive any aid for which they may be eligible, applicants must meet all published deadlines and submit any additional information requested. Applicants who miss any published deadline may be considered for reduced funds.
How Your Financial Aid Is Determined
Your eligibility for federal and university need-based aid is based on the cost of attendance (COA), your Student Aid Index (SAI), and the USC-determined Expected Family Contribution (EFC). USC determines your Expected Family Contribution by analyzing your family’s financial information, as provided in the application process.
The Cost of Attendance
The cost of attendance (COA) includes a college’s tuition and fees, on- or off-
campus housing and food, as well as allowances for the estimated costs of books and supplies, transportation, and personal expenses (clothing, toiletries, entertainment and so forth).
Calculating the SAI
All colleges use a need analysis (called the Federal Methodology) to determine the amount of federal student aid for which you qualify. Your SAI determines your eligibility for federal financial aid. The Department of Education calculates it by analyzing your family’s financial information, as indicated in your FAFSA application. It includes a review of:
• Your parents’ taxable and untaxed income.
• Family assets.
Calculating Your EFC
Many private institutions, including USC, also use an Institutional Methodology to determine the amount of university aid for which you qualify.
At USC, your EFC is based on a review of the CSS Profile and additional financial documents re-quested to determine your family’s financial strength. We evaluate elements such as:
• All sources of family income (taxed and untaxed).
• Assets: liquid and illiquid.
• How many children in your family are full-time undergraduates in college.
USC’s IM need analysis formula is proprietary and unique to USC.
Your SAI and other financial assistance are then subtracted from the COA:
Cost of Attendance
EFC
Federal Student Aid
Other Financial Aid Assistance
USC Need-Based Eligibility
USC is required to consider all your resources when determining your eligibility. Not all students who apply for need-based financial aid will be eligible to receive it.
Students and families who do not qualify for need-based aid may wish to consider funding options that are not dependent on need, such as the Direct Unsubsidized Loan, Direct Parent PLUS Loan, alternative financing options such as tuition prepayment or installment plans, and private loan programs. (Please see page 17 for important information regarding private loans.)
How to Apply
To apply for federal financial aid, you must submit the Free Application for Federal Student Aid (FAFSA). To be considered for university needbased financial aid, you must also submit the CSS Profile application. Apply as soon as possible to ensure timely notification of your financial aid eligibility and to be considered for all possible funding.
Step 1. FAFSA Step 2. CSS Profile
First-Year Students:
Due by February 5, 2025. (December 13, 2024, for Early Action applicants.)
Transfer Students: Due by March 3, 2025.
Complete the 2025-2026 Free Application for Federal Student Aid (FAFSA) online at studentaid.gov The FAFSA determines your eligibility for the low-interest Direct Loan and the Direct Parent PLUS Loan, as well as for federal and state grants.
• Contributors (students and parents) must consent to having their 2023 income tax data imported directly from the IRS.
• USC’s Federal School Code is 001328.
• The FAFSA will be available on a rolling basis beginning in October 2024.
• Apply as soon as possible after the FAFSA becomes available, but no later than the appropriate deadline above.
First-Year Students:
Due by February 5, 2025. (December 13, 2024, for Early Action applicants.)
Transfer Students: Due by March 3, 2025.
Complete the 2025-2026 CSS Profile application online at cssprofile. collegeboard.org. This application, along with your FAFSA information, will help determine your eligibility for university need-based financial aid.
• Report 2023 parent and student income on your Profile.
• USC’s CSS School Code is 4852.
• The CSS Profile is available beginning October 1, 2024.
• Apply as soon as possible after October 1, 2024, but no later than the appropriate deadline above.
• Be sure to include your Social Security number (if you have one).
Step 3. Cal Grant Step 4. Provide Additional
California residents only:
First-years and transfers: Due by March 3, 2025.
First-Year and Transfer Applicants Not Currently
Receiving a Cal Grant: Submit the FAFSA and have the school you most recently attended submit your certified GPA to the Cal Grant Program.
Your school may upload GPA information directly to the California Student Aid Commission’s system, or you may request that your school certify a paper Cal Grant GPA Verification form, available at csac.ca.gov.
Transfer Students Currently Receiving a Cal Grant:
If you received a Cal Grant at your previous college, you will need to transfer the grant to USC by posting a school change on WebGrants for Students at mygrantinfo.csac.ca.gov.
AB540-Eligible Students:
You must complete the online California Dream Act Application by the deadline above. Visit dream.csac.ca.gov to apply. Your GPA Verification Form must also be submitted to CSAC by this date.
Materials
To assist us in our review of your application, you may be required to submit additional tax information or other documentation regarding your family circumstances. You will be notified electronically of any additional requirements. We encourage you to upload all documents online as soon as possible to prevent unnecessary delays in processing your application.
If your family has special circumstances you would like us to consider, such as a job loss, reduction in salary, or higherthan-average out-of-pocket medical or dental expenses, please submit a detailed letter and supporting documentation to the Financial Aid Office.
Tips for completing the FAFSA
• Visit studentaid.gov to register for your Federal Student Aid I.D. (FSA ID). You will be asked to verify your identity and create a unique login and password, which will allow you to access all your federal financial aid information and sign your FAFSA.
• Any contributors to your FAFSA (including you and your parents) will be asked to consent to having their most recent tax return information imported directly from the IRS into the FAFSA.
• To help you understand the amounts and kinds of federal aid you may be eligible for, visit the Federal Student Aid Estimator at studentaid.gov/aidestimator.
• You can also view the lookup tables at studentaid.gov to estimate your eligibility for Pell Grants.
• The FAFSA is free. You should never pay to complete a FAFSA.
Understanding Your Financial Aid Summary
If you are admitted to USC, your financial aid summary will inform you of the financial aid you are eligible to receive, which may include a combination of grants, scholarships, loans and work-study. We encourage you to carefully consider which types of aid make the most sense for your situation. Please note that only admitted students will receive a financial aid summary.
Scholarships and Financial Aid
When you receive your summary, note how much of the offer is composed of grants and scholarships versus loans.
Also note whether your scholarships are renewable for future years.
To receive your loans, visit studentaid.gov and initiate a loan application and approval. You will receive separate instructions to help you through this process.
The total financial aid you receive cannot exceed your cost of attendance. When coordinating scholarships with financial aid, our office makes every attempt to preserve any university need-based grant you may have been awarded. In most cases, a new merit scholarship received after your initial financial aid package will reduce the amounts of your Federal WorkStudy and federal loans.
Your total financial aid may also increase, allowing your Direct Loan or other student loan to cover any remaining expenses. Federal regulations require such awards to be counted as financial aid rather than as part of the family contribution.
In some cases, the university need-based grant may be reduced.
Federal Work-Study
To take advantage of Federal WorkStudy funds, you must be employed at an approved work-study job (up to 20 hours per week). You will receive a paycheck for hours worked, according to the university’s pay schedule.
Most all Federal Work-Study jobs will be available on the University Park or Health Sciences campus. You may also find opportunities off campus with local nonprofit organizations, such as the museums in Exposition Park. If you are awarded Federal Work-Study, you will be invited to a job fair during Welcome Week to help find the right job for you.
Appeals
There is an appeal process if, after you’ve already submitted your aid application, your family experiences special circumstances that significantly affect your ability to pay for college, such as an extended illness or job loss. In such a case, please notify the Financial Aid Office in writing, outlining the circumstances. Include copies of appropriate supporting documentation, if they were not already submitted.
Note Regarding Net Price and Comparing Offers
When comparing financial aid offers, be sure to compare the “net price”—defined as the total cost of attendance minus all gift aid (grants and scholarships), before any other sources (such as loans and employment) are applied. Your remaining costs may be financed with loans, employment and other resources. All colleges and universities are required to post a net price calculator on their website.
We encourage you to visit our Financial Aid Calculators at financialaid.usc.edu/calculators to help you better understand the cost of a USC education and determine if you might qualify for need-based financial aid. Keep in mind that these calculators are generally based on figures from prior years and may be based on limited information.
You should also compare the types and amounts of any loans made available to you. Consider if they are included as part of your needbased financial aid eligibility or if they will assist in covering any out-of-pocket costs.
Covering Your Out-ofPocket Expenses
Even if you receive grants, scholarships and/or loans, you should expect to pay at least a portion of your tuition and expenses.
There are several ways to manage your out-of-pocket costs:
• Use savings or current income to pay the USC Cashier’s Office directly. Visit sfs.usc. edu/payment/online for more information.
• Sign up for the USC Payment Plan. This program enables students to pay for each semester’s tuition, fees, university housing and other student expenses in five monthly installments during the semester. Visit the Student Financial Services website at sfs.usc.edu for more information.
• Obtain loans for all or part of this amount.
Federal Direct Loans
If you choose to borrow loans for all or part of the family contribution, start with the Direct Parent PLUS Loan. It offers a fixed interest rate, requires no collateral and does not impose an early repayment penalty. Visit financialaid.usc.edu for more information.
Parents can visit studentaid.gov to initiate an application and verify that they meet the credit criteria.
You may borrow an additional Direct Unsubsidized Loan to cover part of the family contribution if your family’s application for a Parent PLUS Loan is denied.
Private Student Financing
Prior to applying for private financing, students should exhaust all Federal Title IV assistance available, including Federal Pell Grants, Direct Loans, and the Parent PLUS Loan. The repayment terms of federal loan programs may be more favorable than the terms of private loan programs.
While USC does not recommend or endorse any specific lender, we offer the ELM Select loan comparison tool on our website. You can compare loan fees, borrower benefits, and any special promotions among multiple lenders. More information is available by visiting our website at financialaid.usc.edu/loans and clicking on “Private Financing.”
In most cases, students who choose to borrow a private loan will need a creditworthy co-borrower.
Federal Student Aid Information
Free Application for Federal Student Aid (FAFSA)
Federal Direct Student and Parent Loans
Manage your Direct Loans or sign Master Promissory Notes online.
Pell Grant Lookup Tables
Check your potential eligibility for a Pell Grant. studentaid.gov
Federal Student Aid Estimator
Estimate the amounts and types of aid you may be eligible for. studentaid.gov/aid-estimator
529 Plans collegesavings.org
(Click on “529 Basics”) savingforcollege.com
College Board
College and scholarship search bigfuture.collegeboard.org
College Navigator
A free consumer information tool from the National Center for Education Statistics. nces.ed.gov/collegenavigator
College Scorecard
Comparison tool with data on college costs, graduation and student outcomes. collegescorecard.ed.gov
Consumer Financial Protection Bureau
Financial aid offer comparison tool. consumerfinance.gov/paying-forcollege/your-financial-path-tograduation
CSS Profile Application cssprofile.collegeboard.org
Internal Revenue Service (I.R.S.)
Publication 970, Tax Benefits for Education. irs.gov/publications/p970
Private College 529 Plan
collegewell.com/private-college-529plan
Scholarships
cappex.com, fastweb.com, finaid.org, myredkite.com, scholarships.com
State Grants ed.gov/grants-and-programs
USC Student Financial Services
Information regarding the USC Payment Plan and USC Prepayment Plan. sfs.usc.edu
Investing in Your Future: Financial Aid and USC
Downloadable PDF financialaid.usc.edu/investing
Invertir en su futuro: Ayuda financiera y USC
Downloadable PDF financialaid.usc.edu/spanishinvesting
Financial Aid Office
University of Southern California
Los Angeles, CA 90089-0914
financialaid.usc.edu @USCFinancialAid
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For questions about compliance with the notice of non-discrimination, please contact the Office for Equity, Equal Opportunity, and Title IX at https://eeotix.usc.edu or email eeotix@usc.edu. For disability-related questions, the University has also designated an ADA/Section 504 Coordinator, Christine Street, Associate Vice Provost for Student Affairs–Institutional Accessibility and ADA Compliance, who can be reached at streetc@usc.edu, (213) 821-4658, 3601 Trousdale Parkway, Bldg. #89, Los Angeles, California 90089.
